Connect Group revenues marginally improve

Josh White WebFG News | 26 Jan, 2017 14:06 | | |

  • 113.00
  • -0.88%-1.00
  • Max: 113.67
  • Min: 112.85
  • Volume: 10,183
  • MM 200 : n/a
09:10 22/11/17
  • 7,906.99
  • 0.11%8.44
  • Max: 7,910.23
  • Min: 7,878.74
  • Volume: 0
  • MM 200 : n/a
09:20 22/11/17
  • 5,775.84
  • 0.24%13.56
  • Max: 5,776.42
  • Min: 5,762.35
  • Volume: 0
  • MM 200 : n/a
09:20 22/11/17
  • 4,081.28
  • 0.27%10.83
  • Max: 4,082.66
  • Min: 4,070.45
  • Volume: 0
  • MM 200 : n/a
09:20 22/11/17

Specialist distributor Connect Group issued a trading update for the 20 week period to 21 January on Thursday, with total group revenues increasing 0.2% compared to the same period last year, whilst total group like-for-like revenues increased 0.6%.

The London-listed company said the Connect News & Media division saw news total revenues decrease by 2.6%, and like-for-like revenues decrease by 2.3%.

Newspaper and magazine revenues were both in line with the board's medium term expectations.

“Our ongoing cost efficiency programme facilitates continued investment in Pass My Parcel,” it said in a statement.

“Media total revenues increased by 8.7% while like for like revenues increased by 6.0%.”

At Connect Parcel Freight, total and like-for-like revenues both increased by 5.2% in the period.

The group said it was continuing to make a sizeable investment in the Parcel Freight division, to establish a platform for growth through sales leadership, customer service and operational excellence.

“We anticipate a greater percentage of Tuffnells' full year profit to be generated in the second half than was the case last year.”

The Connect Education and Care division saw total and like-for-like revenues both decrease by 4.6%.

Core revenues for the division decreased by 4.4% with increased revenues in Early Years being offset by difficult trading conditions in other markets.

Connect Books saw total revenues increase by 14.3%, while like-for-like revenues increased by 15.1%.

“Strong growth in Wholesale and Wordery was offset by continued difficult trading conditions in our higher margin library markets,” the board explained.

Connect Group said it will announce its interim results for the six months ending 28 February on 25 April.

More news

09:00 Quiz posts 35% jump in revenue in first results since IPO

In its first trading update as an AIM-listed company, fashion brand Quiz reported a 35% jump in interim revenue, driven by growth across all of its channels.

08:54 Thomas Cook tumbles as weak UK overshadows results

Thomas Cook said it was on track to meet expectations this year but problems in the UK, the tour operator’s biggest market, overshadowed its annual results.

08:42 London open: Stocks edge up ahead of Budget; Thomas Cook tanks

London stocks edged tentatively higher in early trade on Wednesday as investors sifted through corporate releases ahead of the Autumn Budget.

08:04 Sage completes cloud transformation and promises 2018 acceleration

Sage Group kept revenue growth and margins above their annual target and said the launch of its Business Cloud software suite would enable it to "accelerate momentum" in 2018.

08:04 SSP full-year profit up, announces £100m special dividend

SSP reported a rise in full-year profit on Wednesday as it announced a special dividend of around £100m, but said that like-for-like revenue growth next year is expected to drop slightly.

07:49 Countryside Properties operating profit, completions up amid strong demand

Housebuilder and regeneration partner Countryside Properties posted a rise in annual operating profit on Wednesday as revenue and completions grew amid strong demand.

07:47 United Utilities profit rises 10% in first half

United Utilities profit rose 10% in the first half as the water and waste management company increased revenue and cut costs.

07:44 Hammerson offloads stake in Strasbourg Place des Halles, United Utilities profit ahead in first half

London open

07:38 London pre-open: Stocks to nudge up ahead of Autumn Budget

London stocks were set to nudge up at the open on Wednesday as investors eyed the Autumn Budget.

07:29 Wednesday newspaper round-up: Uber hack, Hinckley Point, LSE

Uber concealed a massive global breach of the personal information of 57 million customers and drivers in October 2016, failing to notify the individuals and regulators, the company acknowledged on Tuesday. Uber also confirmed it had paid the hackers responsible $100,000 to delete the data and keep the breach quiet, which was first reported by Bloomberg. – Guardian